SYDNEY - Westpac Banking Corp."unreservedly" apologised after Australia's financial crimes agency alleged a dozen customers funnelled money to Southeast Asian nations to pay for child pornography and sexual abuse, amid the nation's worst ever breach of money-laundering laws.
While Hartzer has vowed to stay in the job and lead the response to the claims, the bank has faced criticism from Prime Minister Scott Morrison, pension funds and investors. The suit alleges that between November 2013 and June 2019, Westpac failed to report more than A$11 billion in international transfers, and laid the blame on"indifference by senior management and inadequate oversight by the board."
Westpac shares fell for a third day in Sydney, extending a slide that has wiped A$6.4 billion off the bank's market value. The stock closed at A$24.77, the lowest in almost 10 months. Shares of the other big banks also fell this week, dragging the benchmark index to its worst decline in seven weeks.
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